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How To Budget for Your First Home

How To Budget for Your First Home

Planning and adhering to a budget is one of the most challenging tasks for people when it comes to their personal finances. Knowing what you can reasonably afford each month becomes even more crucial when you’re purchasing your first house because it’s probably the biggest purchase you’ve ever made. If you are currently renting, a

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First-Time Home Buyer Incentive

First-Time Home Buyer Incentive

What is the First-Time Homebuyer Incentive? The Government of Canada offers a shared equity mortgage (loan) as a first-time home buyer incentive.  There are no ongoing payments or interest paid on the incentive, but the loan must be paid back within 25 years or when the property is sold, whichever occurs first. How does the

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Getting a Second Mortgage in Victoria BC

Getting a Second Mortgage in Victoria BC

With inflation sky-high, you might be considering leveraging the equity in your Victoria BC home to finance an important project or meet a big expense. A second mortgage uses your home as collateral for an additional loan on the property. There are pros and cons to this, which we will discuss below, but first let’s

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What Does a Mortgage Broker Do?

What Does a Mortgage Broker Do?

Shopping for a house in Victoria BC is stressful. Housing prices on Vancouver Island and specifically in Victoria BC just keep on going up, in contrast to dropping prices elsewhere in British Columbia.  With house prices so high, choosing the right mortgage is critical. A lot is on the line when selecting a mortgage, since

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Top 20 Factors That May Affect Your Mortgage Approval

Top 20 Factors That May Affect Your Mortgage Approval

If there’s one thing our team of mortgage planners has learned from their years of experience, it’s that no two mortgages are the same. Even if, on the surface, you think that your situation matches your neighbor, friend, co-worker or parent, it doesn’t take much digging to start finding differences. Since you’re not “just like

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Rent vs Buy: Which is Better in 2024 in Victoria BC

Rent vs Buy: Which is Better in 2024 in Victoria BC

Victoria, British Columbia is a highly desirable place to live. Dubbed the “Garden City of Canada,” Victoria’s lush, natural beauty, mild climate and lively cultural scene attract visitors and new residents from all over Canada and beyond.  Because it is so desirable, Victoria is also very expensive. It is expensive to rent here, and it

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Credit on the Slide

You do everything you can to ensure your mortgage payments are made on time. So why is your credit score slowly getting worse? If you’re like many Canadians, it’s because your overall debt is climbing, and you don’t pay as much attention to those other loans. Canada has the highest level of household debt to

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What is the BC Homeowner Grant?

When the latest B.C. property assessment arrived in your mailbox earlier this year, you may have had mixed feelings. If your property is typical of Victoria – or indeed most of the province – the assessed value of your property has decreased by a small percentage. Overall, homeowners throughout Vancouver Island have seen in the

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What is the Foreign Buyer Ban in Canada and Who is Affected?

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